Legal claims defining the scope of protection, as filed with the USPTO.
1. A system for administering an income share plan that provides a future income stream, said system comprising: a communications link, coupled to a network and operably coupled via the network to an underwriting entity, configured to receive a request, from a fund entity, to purchase investment income shares, each of the investment income shares representing a fully paid-up right to receive and distribute a participant income share, each participant income share representing an obligation to pay an individual within a fixed age range a fixed amount at fixed intervals commencing at a fixed future income start date and continuing for a lifetime, the fixed amount being fixed at the time of purchase of the investment income shares; a processing module comprising a processor, operably coupled to the network via the communications link and operably coupled to said underwriting entity, configured to generate said investment income shares, wherein said processing module is operably coupled to said underwriting entity and configured to convert said investment income shares to participant income shares, and wherein said processing module is configured for paying lifetime income payments to an identified individual participant according to a number of said participant income shares allocated to the identified individual participant; wherein the fixed amount is a precise and invariable amount set at the time of purchase of the investment income shares.
2. The system according to claim 1 , wherein said communications link is in communication with said fund entity for issuing said investment income shares to said fund entity.
3. The system according to claim 2 , wherein said communications link is in communication with said fund entity for receiving payments, from said fund entity, for said issued investment income shares.
4. The system according to claim 1 further comprising a record keeper in communication with said participant for transmitting payments from said participant to said fund entity.
5. The system according to claim 3 , wherein said communications link is in communication with said fund entity for receiving information on said participant from said fund entity.
6. The system according to claim 1 , wherein said processing module is configured for converting said investment income shares to said participant income shares according to a predetermined formula.
7. The system according to claim 1 , wherein said processing module is further configured for disbursing a payment to said participant in exchange for at least one of said participant income shares, wherein said payment disbursed representing lifetime income payments to said participant.
8. The system according to claim 2 , wherein said processing module is further configured for restricting additional investment income shares from being issued to said fund entity.
9. The system according to claim 1 , further comprising an annuity platform operably coupled to said communications link for receiving said request from said fund entity.
10. The system according to claim 2 , wherein said processing module is further configured for issuing at least one investment income share prior to converting said investment income shares to participant income shares.
11. A system for administering an income share plan that provides a future income stream, said system comprising: a processing module comprising a processor and coupled via a communications link to a network, the processing module being operably coupled to a fund entity and configured to generate a request for purchasing investment income shares from an underwriting entity each of said investment income shares representing a fully paid-up right to receive and distribute a participant income share, each participant income share representing an obligation to pay an individual within a fixed age range a fixed amount at fixed intervals commencing at a fixed future income start date and continuing for a lifetime, the fixed amount being fixed at the time of purchase of the investment income shares; a communications module, in communication with said underwriting entity, configured to transmit, from said fund entity, said request for purchasing investment income shares, wherein said communications module is in communication with said underwriting entity and configured to receive said investment income shares from said fund entity, and wherein said communications module is in communication with said underwriting entity and configured to transfer, to said underwriting entity, an obligation to make lifetime income payments at the fixed intervals commencing at the fixed future income start date to an identified individual participant within the fixed age range upon conversion of said investment income shares to said participant income shares and allocation of said participant income shares to the identified individual participant; wherein the fixed amount is a precise and invariable amount set at the time of purchase of the investment income shares.
12. The system according to claim 11 , wherein said communications module is in communication with said underwriting entity for receiving said investment income shares from said underwriting entity.
13. The system according to claim 12 , wherein said communications module is in communication with said underwriting entity for transmitting payments, to said underwriting entity, for said issued investment income shares.
14. The system according to claim 11 further comprising a record keeper in communication with a participant for transmitting a payment from said participant to said fund entity.
15. The system according to claim 14 , wherein said payment from said participant is initiated on a participant selected basis.
16. The system according to claim 13 further comprising said communications module in communication with said underwriting entity for transmitting information on said participant to said underwriting entity.
17. The system according to claim 11 , wherein said processing module is configured for allocating said participant income shares to said participant.
18. The system according to claim 11 , wherein said investment income shares are purchased by said fund entity as an investment vehicle.
19. The system according to claim 18 , wherein said investment vehicle is an only investment purchased by said fund entity.
20. The system according to claim 11 , further comprising an annuity platform operably coupled to said communications module for transmitting said request to said underwriting entity.
21. A computer-implemented method for providing a future income stream, the method comprising the steps of: receiving at a processing module comprising a processor and operably coupled to an underwriting entity, via a communications module in communication with a fund entity, a request to purchase investment income shares, each of the investment income shares representing a fully paid-up right to receive and distribute a participant income share, each participant income share representing an obligation to pay an individual within a fixed age range a fixed amount at fixed intervals commencing at a fixed future income start date and continuing for a lifetime, the fixed amount being fixed at the time of purchase of the investment income shares; generating, via the processing module, the investment income shares; and converting, via the processing module, the investment income shares to participant income shares, wherein the processing module is configured for providing output signals indicative of lifetime income payments to an identified individual participant within the fixed age range at the fixed intervals commencing at the fixed future income start date, the amount of the payments being determined according to a number of the converted participant income shares allocated to the participant; wherein the fixed amount is a precise and invariable amount set at the time of purchase of the investment income shares.
22. The computer-implemented method of claim 21 further comprising the step of issuing, via the communications module in communication with the fund entity, the investment income shares to the fund entity.
23. The computer-implemented method according to claim 21 further comprising the step of transmitting, via a record keeper in communication with the participant, received payments from the participant to the fund entity.
24. The computer-implemented method according to claim 21 further comprising the step of receiving, via the communications module in communication with the fund entity, information on the participant from the fund entity.
25. The computer-implemented method according to claim 21 , wherein the step of converting the investment income shares to the participant income shares is performed according to a predetermined formula.
26. The computer-implemented method according to claim 21 , further comprising the step of disbursing, via the processing module, payments to the participant in exchange for at least one of the participant income shares, wherein the payments disbursed represent lifetime income payments to the participant.
27. The computer-implemented method according to claim 22 , further comprising the step of restricting, via the processing module, additional investment income shares from being issued to the fund entity.
28. A computer-implemented method for providing a future income stream, the method comprising the steps of: generating, via a processing module comprising a processor and operably coupled to a fund entity, a request for purchasing investment income shares from an underwriting entity, each investment income share representing a fully paid-up right to receive and distribute a participant income share, each participant income share representing an obligation to pay an individual within a fixed age range a fixed amount at fixed intervals commencing at a fixed future income start date and continuing for a lifetime, the fixed amount being fixed at the time of purchase of the investment income shares; transmitting by the processing module, via a communications module in communication with the underwriting entity, the request for purchasing investment income shares to the underwriting entity; receiving at the processing module, via the communications module in communication with the underwriting entity, the investment income shares by the fund entity; generating by the processing module an instruction to transfer to the underwriting entity an obligation to make lifetime income payments at fixed intervals commencing at a fixed future income start date to an identified individual participant within the fixed age range, and communicating, via the communications module in communication with the underwriting entity, to the underwriting entity, the instruction to make lifetime income payments to the participant in amounts in accordance with a number of participant income shares allocated to the participant; wherein the fixed amount is a precise and invariable amount set at the time of purchase of the investment income shares.
29. The computer-implemented method according to claim 28 , further comprising the step of receiving, via the communications module in communication with the underwriting entity, the investment income shares from the underwriting entity.
30. The computer-implemented method according to claim 29 , further comprising the step of transmitting, via the communications module in communication with the underwriting entity, payments to the underwriting entity, for the issued investment income shares.
31. The computer-implemented method according to claim 28 further comprising the step of transmitting, via a record keeper in communication with the participant, a payment from the participant to the fund entity.
32. The computer-implemented method according to claim 31 , wherein the payment from the participant is initiated on a participant selected basis.
33. The computer-implemented method according to claim 30 further comprising the step of transmitting, via the communications module in communication with the underwriting entity, information on the participant to the underwriting entity.
34. The computer-implemented method according to claim 28 , further comprising allocating by the processing module the participant income shares to the participant.
35. The computer-implemented method according to claim 28 , wherein the investment income shares are purchased by the fund entity as an investment vehicle.
36. The computer-implemented method according to claim 35 , wherein the investment vehicle is an only investment purchased by the fund entity.
37. The computer-implemented method according to claim 35 , wherein the investment vehicle is a primary investment in a plurality of investment vehicles.
38. The computer-implemented method according to claim 28 , further comprising the step of restricting, via the processing module, additional investment income shares from being purchased by the fund entity.
39. The computer-implemented method according to claim 28 , further comprising the step of transmitting, via an annuity platform in communication with the communications module, the request to the underwriting entity.
Unknown
September 28, 2010
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